Cosmochain is designing a blockchain-based beauty ecosystem that connects beauty industry players with customers willing to share their thoughts on cosmetics

Nov 1

CEO Howon Song had a speech at ABF in Seoul

Maximizing the utilization of beauty data by applying blockchain technology

If customer data regarding skin types and preferences are used appropriately, more efficient marketing is possible; however, customer data are not utilized fully in the beauty industry at this point. Blockchain technology will enable more sophisticated and specialized data business.

CEO Howon Song mentioned above when he introduced ‘blockchain-based beauty SNS platform’ at ABF Festa held at Hotel Shilla in Jangchung-dong, Seoul on October 30. Cosmochain launched ‘COSMEE,’ a beauty contents platform with an evaluating/rewarding system on August.

COSMEE has built a token economy in the beauty industry by giving both beauty contents creators and users rewards for their activities. CEO Song said, “Active users are compensated with 20,000–30,000KRW, and famous users with 200,000–300,000KRW on average.” COSMEE, currently at its pilot stage, will be available as the first DApp for Kakao’s blockchain platform, Klaytn.

CEO Song plans to maximize the use of data in the beauty industry by applying blockchain technology. He said, “we received a good response by analyzing customer data while operating ‘Huiseoul’ service which sells Korean cosmetics to Chinese consumers. If Korean cosmetics companies use more customer data, marketing plans can be more efficient. Cosmochain will link the demand of such companies through blockchains. Our team is currently discussing partnerships with famous cosmetics companies in Korea.”

Cosmochain attracted investments from major Korean and global funds such as Kakao Investment, Neoply, Hashed, and GBIC. It raised 50,000 ETH ($10.27M as of today’s price) in the ICO executed from March to May this year.

‘ABF in Seoul’ is the first blockchain event sponsored by the Seoul Metropolitan Government, and hosted by the Seoul Metropolitan Government, the Seoul Economic Daily, Chain Partners, WeWork, Japan’s CTIA and VCG. ABF Festa is one of the main events of ‘ABF in Seoul,’ where participants can explore promising, potential blockchain projects.

※ The contents above contain information subject to change or yet to confirm under the contract. Also, It serves no purpose of recommending or attracting investment in Cosmochain project and is exclusively for sharing information. Accordingly, any results from making a decision based on the contents as a reference are the responsibility of the decision makers themselves. In other words, the Cosmochain Team holds no legal responsibility for any damages, losses or other results.